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A company named Sun Tech Solutions reported a balance of $350 in its cash account at the end of the month. There were $220 of deposits in transit and $175 of checks outstanding. The bank statement showed a balance of $390, service charges of $8, and the collection of a note plus interest. The note had a face value of $50. How much interest did the bank collect for the company?

A company named Sun Tech Solutions reported a balance of $350 in its cash account at the end of the month. There were $220 of deposits in transit and $175 of checks outstanding. The bank statement showed a balance of $390, service charges of $8, and the collection of a note plus interest. The note had a face value of $50. How much interest did the bank collect for the company?

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5E
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Please provide the solution to this general accounting question with accurate financial calculations.

A company named Sun Tech Solutions reported a balance of $350 in its cash account at the end of the month. There were $220 of deposits in transit and $175 of checks outstanding. The bank statement showed a balance of $390, service charges of $8, and the collection of a note plus interest. The note had a face value of $50. How much interest did the bank collect for the company?
Transcribed Image Text:A company named Sun Tech Solutions reported a balance of $350 in its cash account at the end of the month. There were $220 of deposits in transit and $175 of checks outstanding. The bank statement showed a balance of $390, service charges of $8, and the collection of a note plus interest. The note had a face value of $50. How much interest did the bank collect for the company?
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